Whether you are looking to consolidate your debt or renovate your home, you will need an additional line of credit to help with your expenses. At Landmark National Bank, we offer home equity lines of credit, also known as HELOC. This type of credit is a second mortgage you can take out on your home that grants you a revolving line of credit.
When you qualify for a HELOC, you will be granted a spending limit that you can borrow against as often as you need to. Your HELOC rate will be dependent on the value of your home and will come with variable interest rates. If you are interested in this type of credit, stop by your local Landmark National Bank to speak to a loan expert and apply for a HELOC.
What are the benefits of a HELOC?
Not only do HELOCs provide you with the funds you need for debt consolidation, home renovations, or the acquisition of another property, but they also provide several other important benefits. They tend to have a lower interest rate and lower initial costs. HELOCs also allow you to take out only what you need rather than require you to take out a large lump sum. This means you only pay back what you use.
Finally, adding a HELOC to your loan portfolio has the potential to increase your credit score as long as you are making on-time payments during your repayment period. If you are ready to take advantage of these many benefits, contact your local Landmark National Bank and apply for a home equity line of credit today.
How do I know if I qualify for a HELOC?
In order to qualify for a HELOC, you should meet the following requirements:
● Debt-to-income ratio needs to be low as lenders take this into account.
● Credit score needs to be in the mid-600s at minimum.
● The value of your home must exceed the amount you owe on your mortgage by around 20-25%.
If you meet the above criteria, you are ready to begin the application process for a home equity line of credit. Contact us today to apply for your HELOC.
What is the process for applying for a HELOC?
After determining whether you qualify for a HELOC, it’s time to begin the application process. Before heading to your nearest Landmark National Bank, you must gather all the necessary documents, including pay stubs, W-2’s and homeowner’s insurance information.
Once you arrive, your finance expert will take you through applying for the loan. Once approved for the HELOC, you will receive a set of disclosure papers that you will review with someone at Landmark National Bank. Sign them once you feel comfortable and understand the requirements.
At this point, the underwriting process will begin and can take a few days to complete. Finally, you are ready to sign the paperwork and use your loan. Be aware, however, that there are two stages of your HELOC: the draw period and the repayment period. Be sure you understand when that repayment period begins and the expectations for those repayments.
Apply for a HELOC with Landmark National Bank
Gaining access to your home equity line of credit is incredibly easy when you apply through your local Landmark National Bank. Our finance experts will be with you each step of the way, starting with the application process and through your repayment period.
We can even help you switch banks to open a personal checking account with us. No matter what your banking needs are, Landmark National Bank has the solutions. Contact us to apply for your HELOC today.